Retirement Fund - June 30, 2004 Asset Allocation

June 30, 2004 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$179,516	$897	$180,413	8.7%
	AllianceBernstein	112,934	109,701	222,635	10.7%
	Artisan Partners	102,723	0	102,723	4.9%
	Fidelity Management	255,399	7,371	262,770	12.6%
	GAMCO Investors	218,220	5,102	223,322	10.7%
	TCW Asset Mgmt	84,467	0	84,467	4.1%
	Capital Guardian- Int'l	0	180,312	180,312	8.7%
	TT International	0	119,379	119,379	5.7%
	Cap Guardian- Emerg	0	68,360	68,360	3.3%
	Templeton Inv- Emerg	0	74,647	74,647	3.6%
	Total	$953,259	$565,769	$1,519,028
	%	45.8%	27.2%	72.9%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives	DKR Capital			24,109	1.2%
	Ramius Capital			24,172	1.2%
	Total			$48,281
	%			2.3%
	Target Range			0 - 10%
Real Estate	RREEF America II			76,418	3.7%
	TA Realty Fund III			16,152	0.8%
	TA Realty Fund IV			13,617	0.7%
	TA Realty Fund V			32,303	1.6%
	Total			$138,490
	%			6.6%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			191,761	9.2%
	Pacific Investment			185,181	8.9%
	Total			$376,942
	%			18.1%
	Target Range			17.5 - 27.5%
	Fund			$2,082,741	100.0%
	Cash for benefit payments			477
	Total Fund			$2,083,218

Notes:

1. All amounts are U.S. Dollars; all amounts are market value.
2. Percentages shown are on the base of invested assets; i.e., they do not include the cash for benefit payments.

Reviewed 2011-02-22.